Japan approves $29 bn stimulus package

The cabinet of Japanese Prime Minister Shinzo Abe has approved a $29 bn stimulus package to help the provincial economy, small businesses and the household sectorThe cabinet of Japanese Prime Minister Shinzo Abe approved a fresh stimulus package worth $29 billion Saturday in a bid to boost the economy, hit hard by a tax hike. The 3.5-trillion-yen package is designed to help the provincial economy, small businesses and the household sector, as well as to increase public spending to rebuild areas hit by natural disasters. “With speedy implementation of these measures, I think we can bolster consumption and lift the provincial economy and expand the positive growth cycle to all corners of the country,” Abe told a meeting with ruling lawmakers shortly before the cabinet officially approved the package. Since coming to power two years ago, Abe has offered a series of pro-business, big-spending policies in a bid to bring Japan out of deflation.

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